Bitcoin Nears $82,200 Short-Term Holder Breakeven, With Sell Pressure Easing

Bitcoin is once again approaching the breakeven zone for short-term holders, setting up a potential resistance test even as signs of selling pressure begin to ease.

On-chain analyst Axel Adler Jr. said on April 27 that Bitcoin was trading around $77,800, nearing the average purchase price for short-term holders of about $82,200.

That level represents the breakeven point for recent buyers. If Bitcoin reaches it, the area could serve as resistance as holders seek to sell at cost. Bitcoin has traded below that threshold since October last year and at one point was discounted by as much as 32%.

At the same time, selling pressure appears to be moderating. The 30-day exchange inflow spread, which measures funds moving onto exchanges, improved to about negative $6.6 billion from roughly negative $21.3 billion in October last year.

That means exchange inflows of Bitcoin and Ether still exceed those of stablecoins. It also suggests the strength of exchange-bound flows tied to selling has weakened from earlier levels.

"Bitcoin is re-entering the short-term holder breakeven zone, so sell pressure may emerge, but the exchange inflow imbalance is easing," Adler wrote.

The market structure has not yet turned bullish. Still, it is moving away from the earlier period of intense downside pressure. The key question is whether Bitcoin can close above that level.

If Bitcoin is rejected there again, breakeven selling could increase and add to further downward pressure, he added.